Pharmaceutical Packaging Market Worth $80 Billion by 2020
Jun 10, 2015, 09:30 ET
DALLAS, June 10, 2015 /PRNewswire/ --
The report "Pharmaceutical Packaging Market by Packaging Type, by Raw Material, by Drug Delivery Type by Region(North America, Europe, Asia-Pacific, RoW) - Forecasts to 2020" published by MarketsandMarkets, defines and segments the pharmaceutical packaging market with an analysis and forecast of value by type. Along with this, the value and volume of pharmaceutical packaging by raw material, drug delivery type, and region are also discussed in the report.
Browse 114 market data tables and 96 figures spread through 166 pages and in-depth TOC on "Pharmaceutical Packaging Market".
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The report also identifies the driving and restraining factors for the pharmaceutical packaging market with an analysis of drivers, restraints, opportunities, and strengths. The market is segmented and the value has been projected on the basis of important regions, such as Asia-Pacific, North America, Europe, and Rest of the World (RoW). Further, the market is segmented and the volume and value are estimated based on various key raw materials and drug delivery types, such as oral, pulmonary, transdermal, injectable, topical, nasal, ocular, IV drugs, and other.
Advancements in drug delivery technology along with the growth of the pharmaceutical market driving the pharmaceutical packaging market
In developed countries, the growth of the injectable drug delivery technologies and solutions market is fast and contributes significantly to the pharmaceutical packaging market. This market is driven by factors such as innovations in injectable drug delivery devices, rising prevalence of diabetes in the U.S., the U.K., Germany, Italy, France, and Canada, improving patient safety & compliance and rise in partnerships, and collaborations and acquisitions among prominent players in this market.
Besides, the growth of the pharmaceutical industry, especially in the emerging countries, is driving the demand for the pharmaceutical packaging market. Factors such as aging of the world population, rising health awareness among consumers, trend toward 'on-the-go' lifestyles, and many more are also driving the pharmaceutical packaging market indirectly.
Increase in global demand for primary pharmaceutical containers and fast increasing third party logistics and other services in emerging markets provide ample opportunity for the growth of the pharmaceutical packaging market.
Pharmaceutical packaging market to reach more than $80 billion by 2020
The market for pharmaceutical packaging, in terms of value, is projected to reach more than $80 Billion by 2020, witnessing a CAGR around 6.50% between 2015 and 2020. In terms of value, North America followed by Europe dominated the pharmaceutical packaging market in 2014 and are projected to register a steady CAGR till 2020. High technological innovation and high environmental awareness along with moderate growth in the pharmaceutical market in the North American and European regions is leading to high consumption of pharmaceutical packaging in these regions. Due to rising spending capacity of consumers in the region, the pharmaceutical market is projected to witness a steady growth rate in Asia-Pacific and RoW. The pharmaceutical packaging market in Asia-Pacific is expected to witness highest growth rate between 2015 and 2020.
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North America and Europe together accounted for around 70% of the pharmaceutical packaging market, in terms of value, in 2014
North America is the largest market for pharmaceutical packaging currently; however, by 2020, Asia-Pacific is expected to be the largest market. This growth is expected to be highest in the emerging economies of Brazil, Russia, India, and China, especially due to higher generics and contract manufacturing activities in these countries. Huge population and favorable demographics of these countries are key drivers behind this growth.
In North America, the U.S. is one of the leading producer and consumer of pharmaceutical packaging. Also, the U.S. is a highly regulated market, with strict guidelines regarding pharmaceutical packaging production, use, and disposal. Regulations in the U.S. are controlled by EPA (Environmental Protection Agency). Canada is the next significant country in the North American region. In the European region, Germany, the U.K., France, Spain, Italy, and Russia are the major countries.
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